What happens if loan is deemed unsellable at post-close?
I recently refinanced my mortgage - all went fine and quickly, no unusual requests from the mortgage company or my broker. Now, after loan has funded, there seems to be a post-close phase where they (mortgage owner) through my broker suddenly want all kinds of documents. Since my funds came from a non-English speaking country, they want English versions of account statements, extensive papertrails into the foreign accounts, and so on. Many of the docs they request don't even exist in that country, and some requests are really unreasonable and downright silly.They say the loan is unsellable to investors otherwise. Is that anything I need to be concerned about or that they can do to affect me negatively? by silcox_513_287 from Blountstown, Florida. Sep 29th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Once your loan is funded there is really nothing they can do... You did sign something in the 80+ documents you signed that says you will provide any additional documentation they request even after the close. It's sounds like you have been cooperative, and provided the documents that they have asked for, however, providing there is no fraud, there is nothing they can do to you... On their end... if the screwed up and missed something that make's their loan unsellable, then they will end up carrying it them selves... after so many months, they will be able to sell it providing your payments are made on time.. but most likely they will sell it at a discount... if you have the funds, you might even want to make them a discounted offer to purchase the note... WilliamAcres.com
Walt Terry (ARMortgage)
#6 ranked lender in Arkansas - 11 contributions
The previous answer is right on point. Its the lenders problem. The biggest issue you may have is that you are obligated to provide any information they request so you want to make sure you comply with that so they cant come back and say they were not able to sale the loan because you wouldn't cooperate. Other than that the terms and condition's of the loan can not change.
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